Fast Track to Innovation: all that companies need to know
Fast Track to Innovation is a European call for proposal that can help companies to create and test innovation projects and activities on the market: in this article we explain how to apply for it and all the advantages for applicants.
A call for proposal focused on innovation
In a research & innovation project, one of the greatest challenges for a company is to place the solution proposed on the market: without a strategy and proper funding, even the most modern and revolutionary ideas risk to “freeze” in too long time-to-market or, even worse, they don’t find the right position in the market.
The European call for proposal Fast Track to Innovation is addressed to SMEs in the industry sector that apply for the first time to European projects in innovation.
Objectives of the call and benefits for companies
The key objectives of the call are numerous. First of all, increase the private sector investments in research and innovation, and as a result, stimulate the participation of first-time applicant companies to European funding. The call’s aim is, above all, to support the marketing of services, products and business models with the potential improvement of the industry sector.
Fast Track to Innovation is one of the “Innovation Actions” within the Horizon 2020 Programme, this implies that the EU funding amounts to 70% of total eligible costs for profit partners and 100% for no profit partners and the maximum EU contribution amounts to EUR 3 million per project.
At present, it is one of the most interesting funding tools for any company that wants to shake up the market with a breakthrough innovative idea.
How to apply
Proposals for funding must be submitted by at least three legal entities from three different EU 28 Member states or associate countries to Horizon 2020.
It is fundamental to remember that Fast Track to Innovation implies, in particular, the industry involvement. As a consequence, the allocation of at least 60% of the project budget goes to industry participants, or the minimum number of industry participants in a consortium of 3 or 4 partners must be 2 and 3 participants in a consortium of 5 partners.
As we said here, taking the most of a European Call requires a set of well-defined skills, from language skills to the ability to draft a business plan and other documents to submit a project.
In particular, every stage of the submission has to be coordinated and managed by a project manager with specific expertise.
Would you like further information about the European call for proposal Fast Track to Innovation?
EU Funding & Marketing
I am a freelance consultant specialized in applying for and managing European funding for companies and start-ups active in the field of research and innovation.
My work includes the creation of business plans, development plans and marketing plans aiming at applying for European calls for proposals.
My objective is to provide companies active in innovation with some concrete tools to start their projects and with my know-how to convert them into real business opportunities.